Here's the official announcement:
USA Swimming has reprimanded Michael Phelps under its Code of Conduct by withdrawing financial support and the eligibility to compete for a period of three months effective today, February 5. This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero. Michael has voluntarily accepted this reprimand and has committed to earn back our trust.
The Code of Conduct for the National Team (I'm assuming this is the one that applies) contains the following rule:
6. Team members and staff will refrain from any illegal or inappropriate
behavior that would detract from a positive image of the USA National Team
or be detrimental to its performance objectives.
The terms "inappropriate behavior" and "detract from a positive image" are subjective and undefined. This rule is ambiguous and does not support a reprimand for a photo taken when MP was not involved in competition or training, at a private party, and did not consent to being photographed. Moreover, punishment is unwarranted given that MP did not try to deny he was in the photo and immediately expressed regret for letting people down. MP has been publically embarrassed, lost endorsements and been hounded relentlessly by the papparazzi. This is punishment enough. USA Swimming did not need to add insult to injury by punishing him simply for being an icon for the sport. It's difficult to believe that any other swimmer on the national team would have been treated this way.
What makes the punishment even more lame is that it's meaningless in terms of MP's swimming career. He's wealthy and will not miss the monthly stipend, there are no major swim meets other than a couple of Grand Prix events in the next 3 months, and he will still be able to swim at the U.S. Nationals and World Championships. The people who lose out are swimming fans, who were looking forward to seeing MP back in the pool and racing. Now we have to wait another 3 months.
The punishment is not only harsh, it's unwarranted.
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